OPDC is thrilled to announce a unique opportunity for would-be Oakland homeowners. With support from the Pennsylvania Housing Affordability and Rehabilitation Enhancement Fund (PHARE), we have developed a unique program to support low/moderate-income Black, Indigenous, and people of color (BIPOC) families to become Oakland Community Land Trust homeowners. Our explicit aim with this program is to address racial disparities in access to homeownership and assist Black families to build generational wealth.
We will enroll seven participants. Depending on income, participants who are eligible under the program requirements will receive $21,000 - $31,000 in cash assistance they can use towards the purchase of a CLT home, to repair credit or pay down debt, or to build savings. Eligible families are those with annual income between $34,000 and $67,500 for a family of four (or between $23,750 and $47,500 for a single individual).
Oakland’s rental market has eroded homeownership here – and especially Black homeownership – for decades. OPDC designed the CLT to secure homes for permanent affordability and owner-occupancy, to stabilize neighborhoods and provide opportunities for wealth building through homeownership, especially for BIPOC communities.
We have often heard from would-be homebuyers that the prices for affordable- houses, while below market, are still too high. OPDC has experience working with public and private financing programs to help close that gap and put homeownership within reach. This is a special opportunity that enables us -to go further -- and put money directly into the hands of new homeowners, increasing their financial security.
Applications open for the program on Wednesday, October 6 at 12:00 p.m. If you or someone you know might be eligible for this program and have been dreaming of homeownership in Oakland, please contact us at questions@opdc.org to learn more about this opportunity.
Please visit www.opdc.org/oakland-homeownership for full details and the link to apply on October 6.